Savills IM names Asia asset management chief
Savills Investment Management, a UK-based property investment firm, has hired Craig Pearce as Asia head of asset management, a newly created role based in Hong Kong. Before joining Savills IM, he spent seven years at Morgan Stanley Real Estate Investment in Hong Kong.
Reporting to Singapore-based managing director Chua Choy-Soon, Pearce is now responsible for expanding Savills IM’s Asian platform. His principal role will be that of asset management in Hong Kong and China, with an oversight role across pan-Asia, together with Tan Yew Hock in Singapore.
Savills IM did not comment by press time on who was in Pearce’s role previously.
At Morgan Stanley, Pearce was head of asset management for Greater China and Southeast Asia. Prior to that he was an asset manager with Goldman Sachs’ realty division in Tokyo. Morgan Stanley did not respond by press time to a query on whether Pearce has been or will be replaced.
Pearce’s appointment follows the completion of Savills IM’s acquisition of SEB Asset Management on September 1. Chua had been the MD of SEB in Singapore before the takeover.
Alongside the acquisition, which was first announced in March, Savills IM and SEB Group have struck a co-operation agreement to provide real estate services to SEB’s clients.
The combined business comprises the European business with €15 billion of assets under management, the Asian business with €2 billion and around 280 employees across 16 offices.
Sanctum plans hires after RBS Indian private bank deal
The Royal Bank of Scotland has agreed to transfer its India private banking business to Mumbai-based Sanctum Wealth Management. The transaction comprises onshore client relationships and associated staff.
Sanctum Wealth will be led by Shiv Gupta, currently head of RBS Private Banking India, and the existing seven-strong management team. The team has an average experience of almost two decades, both in India and abroad.
The combined business will include a large proportion of the existing staff across the frontline, product and functional areas, said a spokesperson. Sanctum plans to add to the teams and expects to have about 70 staff in the first year.
Sanctum plans to retain the branch network currently operated by RBS Private Banking in India, which includes Mumbai, Delhi, Chennai and Bangalore.
The transition is expected to complete by the first quarter of next year.
HK SFC names interim enforcement head
Hong Kong’s Securities and Futures Commission (SFC) has appointed deputy chief counsel Maureen Garrett as interim head of enforcement.
She will take up the role pending the hire of a replacement for Mark Steward, who left the SFC on September 24 to take up a similar post with the UK’s Financial Conduct Authority.
Garrett joined the legal services division of the SFC in 1999. She has deep experience leading the commission’s enforcement litigation work in Hong Kong’s courts and tribunals.
Robeco names new chairman and CEO
Dutch fund house Robeco has named David Steyn as chief executive and chairman, effective from November 1.
He replaces Roderick Munsters, whose departure was announced earlier this month. Steyn will work closely with Munsters to help ensure a smooth transition.
Previously Steyn was in charge of strategy at Aberdeen Asset Management and chief operating officer and head of distribution at AllianceBernstein. He has 35 years of experience in asset management, across management, distribution and investment roles.
BBH names new global head
US-based custodian and private bank Brown Brothers Harriman (BBH) has appointed William Tyree as managing partner in New York, effective from January 1, 2016.
Having joined the firm in 1985, he was named partner in 2001. He has held various positions within the firm and is currently head of BBH’s investor services business, a position he has held for t eight years.
It is understood that BBH will name a replacement for Tyree in due course.
Prior to the investor services role, Tyree ran the treasury and markets division after starting his career as a corporate lending officer with BBH's banking business.
He will succeed Douglas ‘Digger’ Donahue, who is approaching the age at which BBH partners must relinquish managerial responsibilities. Donahue joined the company in 1976 and has served in his current role since 2008. He will remain at the firm as a general partner.
BBH has $4.7 trillion in assets under custody and administration in investor services, $54 billion in investment management AUM and $27 billion in private banking client assets.
Other people news reported this week on AsianInvestor.net: